10/25/2024

Harris Announces Record Lending from Small Business Administration

The SBA has provided $56 billion to small businesses in the last year

With the economy the top issue for many voters in the home stretch of the election, Vice President Kamala Harris on Thursday announced record lending from the federal government to small business owners in a statement to ABC News.

The Small Business Administration (SBA) provided a record $56 billion in loans to small businesses from October 2023 through September 2024, according to a White House fact sheet shared exclusively with ABC News, with more than 100,000 small businesses receiving the loans -- the highest number in 16 years -- while lending to Black-owned businesses has tripled in the past four years.

The SBA lends money to small businesses as a way for them to get off the ground, expand or rebuild -- especially when other financing options might not be available -- and companies must meet eligibility requirements, such as being based in the United States or only having a certain number of employees, to qualify for the loans.

Please select this link to read the complete article from ABC News.